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Cardano Price Analysis: ADA bounces from $1.30, another rally incoming?

Cardano Price analysis

TL;DR Breakdown

  • Cardano price analysis is bullish today.
  • ADA/USD continued to retrace overnight.
  • Support was found at $1.30 this morning.

Cardano price analysis is bullish today as we currently see a higher low getting established at $1.3. From there, we expect ADA/USD to continue higher over the next 24 hours and look to break past the $1.38 resistance.

Cardano Price Analysis: ADA bounces from $1.30, another rally incoming? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market has seen retracement over the last 24 hours. Bitcoin and Ethereum are both in the red, with a 1.56 and 1.41 percent loss. Meanwhile, Cardano (ADA) has seen a slightly worse decline as it lost almost 3 percent.

Cardano price movement in the last 24 hours: Cardano retraces from $1.38 resistance

ADA/USD traded in a range of $1.30 – $1.37, indicating a moderate amount of volatility over the last 24 hours. Trading volume has increased by 22.45 percent, totaling $1.07 billion, while the total market cap trades around $4.27 billion, ranking the coin in 6th place overall.

ADA/USD 4-hour chart: ADA prepares to rally again?

On the 4-hour chart, we can see the Cardano price finding support at $1.30, likely leading to another rally beginning later today.

Cardano Price Analysis: ADA bounces from $1.30, another rally incoming?
ADA/USD 4-hour chart. Source: TradingView

Cardano price saw a strong decline of over 18 percent last week result in a higher swing low set around $1.30. From there, local resistance was established at $1.38 as the market reacted from the low.

On the 1st of January, the resistance was retested with no break higher, leading ADA/USD into a consolidation. Yesterday, bears took over again, retracing the market lower.

Overnight, the Cardano price action found support at $1.30, indicating a higher low has potentially been set. If more upside is seen over the next hours, we expect ADA/USD to see another strong push higher over the next days, leading to a higher high above $1.38 current resistance.

Cardano Price Analysis: Conclusion 

Cardano price analysis is bullish today as a new higher low was set at $1.30 overnight, leading to a slight reaction higher since. Therefore, we assume ADA/USD is now ready to make another push higher and break the $1.38 local resistance.

While waiting for Cardano to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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